What Forms of Payment Should I Accept For My New Online Business?
Starting out on the internet, it may be challenging trying to sort out what forms of payment you should accept for your business. In general, you think of accepting credit cards, checks and money orders, but with the movement towards a digital world, there are other forms of payment that have become main stream. The internet has made it much easier for people to send payments to one other with the simple click of a button. I’ve outlined some of the payment solutions that you should consider for your business.
Paypal
It goes without saying that you should accept Paypal for your business. Millions of people all over the world have solidified this payment service as the number one way to transfer money. It is still growing by leaps and bounds, so it’s definitely a form of payment you should accept. Keep in mind that it is free to register for an account, but there are transaction fees for each payment you accept.
2Checkout
If you do not want to get a full merchant account, then 2CO is a great way to get started accepting credit cards. There is a $49 fee to get setup, but after you’ve paid that fee you can start accepting credit cards and even Paypal payments immediately. There are transaction fees for every time a payment is made to you. Another important point is that you also have to deal with reserves. Each payment cycle a portion of your funds is put aside into a reserve account in case of chargebacks.
Merchant Account
If you want to truly accept credit cards with the option of having a database of your client’s details, including their credit card data, then this option is for you. It’s not easy to get accepted with a Merchant account if you have had credit issues in the past, but most merchant providers boast of having 95% approval rates. It’s also important to note that online businesses are considered high risk with most providers, therefore your transaction fee rate maybe higher than a regular brick and mortar business.
Overall, these three options should get you started with being able to accept payments online. Of course there are many other similar services like Paypal that you can use, along with other services that provide similar options like 2Checkout. I’ve listed those two since they are the top tier providers within the industry.
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